Sunday, June 15, 2014

Setting up Multicurrency

I developed my own cheat sheet / checklist for setting up the Multicurrency module. I wanted something that I could fit on a single page just to remind me of what I needed to do next.

Recently, I’ve had a few colleagues ask me whether I had some kind of easy to follow checklist and I’ve been sending them this one. It seems more and more companies are implementing multicurrency these days, so I thought I’d share it with the community. It’s not fancy, nor does it provide any explanations – but it does provide the navigation to the various widows.

I welcome your comments on ways to improve it or if you think things should be re-ordered.

1. Create Currency (use the ISO code for the ID, don’t use the ‘Z’ entries)
Administration | Setup | System | Currency

2. Create Exchange Table
Administration | Setup | System | Exchange Table
Exchange Table naming convention suggestion:
  Segment 1 = Functional Currency
  Segment 2 = Originating/Reporting Currency
  Segment 3= Usage, such as BUY, SELL or AVG (optional)

3. Establish Rates
Administration | Setup | System | Exchange Table | [Rates button]
Rate calculation is Originating Currency * Rate
OR
Originating Currency / Rate
You can use up to seven decimals

4. Grant Company access to currency and rate table (all must exit Dynamics)
Administration | Setup | System | Multicurrency Access

5. Set Rate Types
Financial | Setup | Financial | Rate Types

6. Set Posting Account Defaults. The system will search for an account in the order listed below. As soon as it finds one, it stops looking. If all should share the same account, enter it at the Company level.

Rate Type Accounts
     Financial | Setup | Financial | Rate Types | [Accounts button]

Currency ID
     Administration | Setup | System | Currency | [Accounts button]
OR
     Financial | Setup | Financial | Currency Accounts

Company-level Posting Accounts
     Administration | Setup | Posting | Posting Accounts | Display ‘Financial’ from drop list

7. Assign Currency Access to your GL Accounts. Identify which accounts should accept transactions in a foreign currency.
Financial | Cards | Financial | Account Currencies
OR
Financial | Cards | Financial | Currency Account Update
OR
Financial | Cards | Financial | Account History | [Currencies button]
OR
Financial | Cards | Financial | Account | [Currency button]

8. Assign Currency ID and Rate Type ID to Checkbook ID
Financial | Cards | Financial | Checkbook

9. Assign default Currency ID and Rate Type ID to appropriate Customers (or roll down from Customer Classes) and set revaluation options
Sales | Cards | Customer | [Options button]

10. Assign default Currency ID and Rate Type ID to appropriate Vendors (or roll down from Vendor Classes) and set revaluation options
Purchasing | Cards | Vendor | [Options button]

Enjoy!

Leslie

1 comment:

Anonymous said...

This is great. Thanks for sharing